vo Avionot e bil Slawomir Skrzypek sefot na centralnata banka na Polska ...sto baral toj na cisto politicki sostanok?
inaku stavovite na Slawomir Skrzypek se protiv Euro i evrozonata
Poland’s central bank’s Slawomir Skrzypek & P.M. Donald Tusk against joining the Euro!
http://ceoworld.biz/ceo/2009/02/05/...zypek-pm-donald-tusk-against-joining-the-euro
By Amarendra Bhushan for CEOWORLD Magazine Updated:February 5, 2009
Since the beginning of the financial crisis, the zloty has lost about one-third of its value against stable currencies. This has created a painful situation not only for the Polish budget, but also for thousands of families who have taken out credit in euro or Swiss francs to buy apartments. If someone bought an apartment last year for 300,000 zloty (64,500 euro) with credit in Swiss francs, the real price that they are paying now is 425,000 zloty (91,300 euro), even with lowered interest rates. As such, this pushing back the entrance date for entering the euro zone is just hurting Poland more – the country should incorporate a stable currency as soon as possible, not the ‘wild and exotic’ zloty.
Europe should be really interested in Poland’s particular example and that the UK and other would like to consult with Polish economists.
Arguing against the euro because it deprives national states of “policy instruments” (meddling with short-term interest rates, and other such social-engineering games) is like arguing against hunting because it prevents animals from killing people. The only sensible economic argument against the euro is that is that it arbitrarily restrains individual choices. Individual preferences is what economics is about.
Currencies across Eastern Europe tumbled, Romania cut interest rates and a ratings agency warned of risks facing Hungary on Wednesday as the impact of global recession intensified in the region. Poland, the European Union’s largest former communist member, ruled out intervening to rescue its plunging currency for fear of squandering precious foreign exchange reserves at a time of economic crisis.
The Polish zloty has recorded a dramatic drop in relation to the main currencies and is nearing its lowest rate since 2004. It now stands at around 4.56 in respect of the euro, 3.54 to the US dollar and 3.10 to the Swiss franc. The drop is being caused by more reluctance on the part of investors to bring capital to Poland and according to some analysts, part of the problem might be caused by speculation.
Meanwhile head of Poland’s central bank Sławomir Skrzypek said that the sinking zloty was also the result of the perception that this was a rising market; The second cause are the fears of investors on euro and dollar markets, so they withdraw capital among others from Poland. There is also less money coming in from our emigrants in Britain and Ireland, because of the difficulties with employment there. And there is the weakening export, said the Central Bank chief.
Whereas Poland’s central bank’s president Slawomir Skrzypek reiterated Thursday that there’s no need to intervene on the foreign exchange market to stop the zloty’s slide. “any intervention talk or discussion about what zloty level would trigger central bank intervention “would weaken the zloty even further. the central bank has all the necessary tools to defend the zloty if and when needed, such as foreign currency reserves. under current conditions, joining the Exchange Rate Mechanism ERM2 “would encourage more speculation on the zloty. ERM2 “would trigger constant interventions on the forex market.”
“I don’t think that euro adoption is a cure for everything” Skrzypek said. In January, the central bank’s Monetary Policy Council cut key rates by 75 basis points, to 4.25%.
The Polish government aims to adopt the euro in 2012. That would mean it has to be euro-ready in 2011 and has to join the EMR2 mechanism by the mid-2009. In order to meet the 2012 euro target date Poland must enter the eurozone’s required Exchange Rate Mechanism (ERMII) in the first half of 2009.
In another news Poland’s Prime Minister Donald Tusk has said the country’s planned adoption of the Euro will depend on the stabilisation of international finance markets. The country had been due to join the ERM this half year in preparation for full eurozone membership in 2012. Candidate countries must keep their currencies within the a 15% plus or minus trading range of the euro for two years before they can join the eurozone.
Prime Minister Donald Tusk on Wednesday said his government could delay its 2012 target for the adoption of the euro currency should the global financial crisis pose risks to the Polish currency or financial system.